What is a gifting program and how does it work?

A gifting program is a type of estate planning law found in Arizona that allows individuals to give away part of their assets before they die. This type of estate plan is especially beneficial for those wanting to make donations to charities, churches, or other organizations, without being liable for estate or income taxes. The gifting program allows individuals to transfer assets either within their lifetime or as part of their will. This means that at the time of death, assets can be gifted to a spouse, family members, or friends without the need for probate. When using a gifting program, individuals must be aware of the IRS Gift Tax rules. Generally, individuals can gift up to $15,000 per year to as many people as they would like without having to pay any taxes. Anything over this amount is subject to the IRS Gift Tax. Additionally, married couples may give up to $30,000 each year without incurring any taxes. Overall, gifting programs are an effective way for individuals to transfer their assets to others before they die, without having to worry about estate or income taxes. It is important to keep the IRS Gift Tax rules in mind before gifting any amount above the yearly limits, to ensure that no taxes will be due.

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What is a gifting program and how does it work?

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